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GBP/NZD Rally Cut Short by UK Inflation Data

Yesterday’s high: NZ$1.9162

Yesterday’s low: NZ$1.9012

Pound Tumbles as Inflation Squeeze Continues

The Pound’s rally against the New Zealand Dollar overnight on Monday came to a swift end yesterday morning following the release of the UK’s latest inflation data.

Figures released by the ONS revealed that inflation held at a five-year high in October, adding to concerns that consumers are being squeezed between soaring inflation and weak wage growth.

However the New Zealand Dollar struggled to make any meaningful gains of its own on Tuesday as a buoyant US Dollar and weak commodity prices weighed heavily on the ‘Kiwi’.

NZD Outlook: Sterling to be Weakened by Earnings Data?

Looking ahead, the GBP NZD exchange rate may trend lower again today as the UK publishes its latest wage figures later this morning, with a predicted dip in average earnings likely to exacerbate concerns over pressures on household finances

Meanwhile the New Zealand Dollar is likely to struggle again today amidst a lull in domestic data, with investors likely to shy away from the currency in advance of some important US economic data.

Key Events

15th November

09:30 UK Unemployment Rate Sep

09:30 UK Average Earnings Sep

16th November

22:45 NZ Business PMI Oct

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To keep up to date with the New Zealand Dollar, visit the NZD blog in our Currency News section.

Joe Mayhew

Senior Currency Broker
T: 01442 892 060

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